Defines a "safeguard good" as an originating good or a good for which a claim for preferential tariff treatment has been made (Sec. 202). -Defines "preferential tariff treatment" as the customs duty rate for an originating good (Sec. 203).

Defines an "originating good" as a good that (Sec. 203):

Is wholly obtained in Colombia, the United States, or both nations; -Is produced entirely in Colombia, the United States, or both nations exclusively from originating materials; or

Consists of originating and non-originating materials, and any non-originating materials used to make the good have undergone a regional value content calculation and subsequent change in tariff classification.

Reduces additional duties on safeguard goods as follows (Sec. 202):

100 percent of the excess of the Most Favored Nation (MFN) rate of duty over the Harmonized Tariff Schedule (HTS) rate of duty for years 1 through 4 of this agreement;

75 percent of the Most Favored Nation (MFN) rate of duty over the Harmonized Tariff Schedule (HTS) rate of duty for years 5 through 7 of this agreement; and

50 percent of the excess of the Most Favored Nation (MFN) rate of duty over the Harmonized Tariff Schedule (HTS) rate of duty for years 8 and 9 of this agreement.

Authorizes the U.S. Customs and Border Protection agency to suspend preferential tariff treatment if the agency or the Department of Homeland Security determines that an importer, exporter, or producer has misrepresented goods as originating goods, and that such misrepresentation is part of a "pattern of conduct" (Sec. 205).

Requires the President to repeal Colombia's Generalized System of Preferences status as a beneficiary developing country upon the effective date of this Agreement (Sec. 201).

Defines a "safeguard good" as an originating good or a good for which a claim for preferential tariff treatment has been made (Sec. 202). -Defines "preferential tariff treatment" as the customs duty rate for an originating good (Sec. 203).

Defines an "originating good" as a good that (Sec. 203):

Is wholly obtained in Colombia, the United States, or both nations; -Is produced entirely in Colombia, the United States, or both nations exclusively from originating materials; or

Consists of originating and non-originating materials, and any non-originating materials used to make the good have undergone a regional value content calculation and subsequent change in tariff classification.

Reduces additional duties on safeguard goods as follows (Sec. 202):

100 percent of the excess of the Most Favored Nation (MFN) rate of duty over the Harmonized Tariff Schedule (HTS) rate of duty for years 1 through 4 of this agreement;

75 percent of the Most Favored Nation (MFN) rate of duty over the Harmonized Tariff Schedule (HTS) rate of duty for years 5 through 7 of this agreement; and

50 percent of the excess of the Most Favored Nation (MFN) rate of duty over the Harmonized Tariff Schedule (HTS) rate of duty for years 8 and 9 of this agreement.

Authorizes the U.S. Customs and Border Protection agency to suspend preferential tariff treatment if the agency or the Department of Homeland Security determines that an importer, exporter, or producer has misrepresented goods as originating goods, and that such misrepresentation is part of a "pattern of conduct" (Sec. 205).

Requires the President to repeal Colombia's Generalized System of Preferences status as a beneficiary developing country upon the effective date of this Agreement (Sec. 201).